Sarin targets 10% annual increase after takeover
Sarin Property Co targets revenue of Bt1.6 billion in this year from The Lake Ville on Rama II Road as part of its drive for business growth averaging 10 per cent a year after the Vongkusolkit family became the major shareholder on Monday.
Sarin deputy managing director Attapol Vongkusolkit said at a group interview yesterday that his family had increased its stake in the company from 20 per cent to 60 per cent of its registered capital of Bt1.17 billion. It acquired stock from shareholders including Visarut Chai-pranee, Kiatnakin Bank, Sukhumvit Asset Management, Bank of Ayudhya and Thanachart Bank to increase its interest in the property sector.
Anawat Nawintham will continue as managing director of Sarin Property Co until his retirement at the end of this year. After that the company will restructure.
Meanwhile, Sarin Property is developing 500 rai (80 hectares) of its 6,000-rai Sarin City property on Rama II Road in Samut Sakhon, which will be its asset for developing residential projects this year and next.
This year, the company plans to develop a detached-housing project on 90 rai that it calls The Lake Ville worth Bt1.5 billion.
The project will have only 190 units at a price range of Bt5 million to Bt40 million. This project will open to presales in May.
The company is also interested in developing a condominium project on Rama II next year for which it is negotiating to buy land.
Sarin Property Co is one of the property firms that were hit by the financial crisis in 1997, but now the company has recovered sufficiently to target revenue of Bt1.6 billion this year and growth averaging 10 per cent a year.
